Daijiworld Media Network – Mumbai

Mumbai, Aug 4: The Indian rupee opened stronger on Monday, gaining 32 paise to trade at 87.22 against the US dollar, recovering from last week's volatility triggered by US President Donald Trump’s announcement of a 25% tariff hike.

The local currency had closed at 87.54 on Friday. The day's expected trading range is between 87.00 and 87.50, said Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP.

Bhansali advised exporters to hedge their positions amid current market conditions, while importers were told to buy at the day’s low and hold off on immediate hedging.

Brent crude prices dipped to $69.54 per barrel as OPEC+ agreed to a production hike in September. Concerns over the slowing US economy and global trade tensions also influenced currency sentiment.

"The dollar index has weakened slightly to 98.80, while the US 19-year yield dropped to 4.25% in Asia trade," Bhansali added. "This, coupled with strength in Asian currencies, helped the rupee gain at the open."

Despite Monday’s uptick, the rupee had recorded a 1.16% weekly loss last week — its fourth straight week of decline.